BIS Working Papers

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793: Global real rates: a secular approach

Pierre-Olivier Gourinchas and Helene Rey

792: Is the financial system sufficiently resilient: a research programme and policy agenda

Paul Tucker

791: Has globalization changed the inflation process?

Kristin Forbes

790: Are international banks different? Evidence on bank performance and strategy

Ata Bertay, Asli Demirguc-Kunt and Harry Huizinga

789: Inflation and deflationary biases in inflation expectations

Michael Lamla, Damjan Pfajfar and Lea Rendell

788: Do SVARs with sign restrictions not identify unconventional monetary policy shocks?

Jef Boeckx, Maarten Dossche, Alessandro Galesi, Boris Hofmann and Gert Peersman

787: Industry heterogeneity and exchange rate pass-through

Camila Casas

786: Estimating the effect of exchange rate changes on total exports

Thierry Mayer and Walter Steingress

785: Effects of a mandatory local currency pricing law on the exchange rate pass-through

Renzo Castellares and Hiroshi Toma

784: Import prices and invoice currency: evidence from Chile

Fernando Giuliano and Emiliano Luttini

783: Dominant currency debt

Egemen Eren and Semyon Malamud

782: How does the interaction of macroprudential and monetary policies affect cross-border bank lending?

Elod Takats and Judit Temesvary

781: New information and inflation expectations among firms

Serafin Frache and Rodrigo Lluberas

780: Can regulation on loan-loss-provisions for credit risk affect the mortgage market? Evidence from administrative data in Chile

Mauricio Calani

779: BigTech and the changing structure of financial intermediation

Jon Frost, Leonardo Gambacorta, Yi Huang, Hyun Song Shin and Pablo Zbinden

778: Does informality facilitate inflation stability?

Enrique Alberola and Carlos Urrutia

777: What anchors for the natural rate of interest?

Claudio Borio, Piti Disyatat and Phurichai Rungcharoenkitkul

776: Can an ageing workforce explain low inflation?

Benoit Mojon and Xavier Ragot

775: Bond risk premia and the exchange rate

Boris Hofmann, Ilhyock Shim and Hyun Song Shin

774: FX intervention and domestic credit: Evidence from high-frequency micro data

Boris Hofmann, Hyun Song Shin and Mauricio Villamizar-Villegas

773: From carry trades to trade credit: financial intermediation by non-financial corporations

Bryan Hardy and Felipe Saffie

772: On the global Impact of risk-off shocks and policy-put frameworks

Ricardo Caballero and Gunes Kamber

771: Macroprudential policy with capital buffers

Josef Schroth

770: The expansionary lower bound: contractionary monetary easing and the trilemma

Paolo Cavallino and Damiano Sandri

769: Safe assets: made, not just born

Robert McCauley

768: Over-the-counter market liquidity and securities lending

Nathan Foley-Fisher, Stefan Gissler and Stephane Verani

767: Central counterparty capitalization and misaligned incentives

Wenqian Huang

766: Risk endogeneity at the lender/investor-of-last-resort

Diego Caballero, Andre Lucas, Bernd Schwaab and Xin Zhang

765: Beyond the doomsday economics of "proof-of-work" in cryptocurrencies

Raphael Auer

764: Global Banking, Financial Spillovers, and Macroprudential Policy Coordination

Pierre-Richard Agénor and Luiz Awazu Pereira da Silva

763: On money, debt, trust and central banking

Claudio Borio

762: A key currency view of global imbalances

Robert McCauley and Hiro Ito

761: Non-monetary news in central bank communication

Anna Cieslak and Andreas Schrimpf

760: Gross capital flows by banks, corporates and sovereigns

Stefan Avdjiev, Sebnem Kalemli-Ozcan and Luis Servén

759: Assessing inflation expectations anchoring for heterogeneous agents: analysts, businesses and trade unions

Ken Miyajima and James Yetman

758: Foreign currency borrowing, balance sheet shocks and real outcomes

Bryan Hardy

757: Explaining Monetary Spillovers: The Matrix Reloaded

Jonathan Kearns, Andreas Schrimpf and Fan Dora Xia

756: Financial structure and income inequality

Michael Brei, Giovanni Ferri and Leonardo Gambacorta

755: Measuring financial cycle time

Andrew Filardo, Marco Lombardi and Marek Raczko

754: Euro area unconventional monetary policy and bank resilience

Fernando Avalos and Emmanuel Mamatzakis

753: Currency depreciation and emerging market corporate distress

Valentina Bruno and Hyun Song Shin

752: The effects of prudential regulation, financial development and financial openness on economic growth

Pierre-Richard Agénor, Leonardo Gambacorta, Enisse Kharroubi and Luiz Awazu Pereira da Silva

751: Exchange rates and prices: evidence from the 2015 Swiss franc appreciation

Raphael Auer, Ariel Burstein and Sarah Lein

750: Forward guidance and heterogeneous beliefs

Philippe Andrade, Gaetano Gaballo, Eric Mengus and Benoit Mojon

749: Whatever it takes. What's the impact of a major nonconventional monetary policy intervention?

Carlo Alcaraz Pribaz, Stijn Claessens, Gabriel Cuadra, David Marques-Ibanez and Horacio Sapriza

748: Domestic and global output gaps as inflation drivers: what does the Phillips curve tell?

Martina Jasova, Richhild Moessner and Elod Takats

747: How do credit ratings affect bank lending under capital constraints?

Stijn Claessens, Andy Law and Teng Wang

746: What drives local lending by global banks?

Stefan Avdjiev, Uluc Aysun and Ralf Hepp

745: Financial stress in lender countries and capital outflows from emerging market economies

Ilhyock Shim and Kwanho Shin

744: Why you should use the Hodrick-Prescott filter - at least to generate credit gaps

Mathias Drehmann and James Yetman